Posts Tagged ‘income tax revenues’

It’s a truly fascinating thing. Had we “gone over the cliff,” do you know what would have happened? We would have returned to the Clinton tax rates.

What is truly remarkable is that the Clinton tax rates are now nearly universally viewed by Democrats as having been 98% pure, distilled evil. Because the Democrat Party has now been saying that Americans can’t afford to pay the stupid and evil tax rates that Democrats once demanded they pay.

But what would have been stupid and evil and harmful to the American economy for 98% of the population is in fact true for 100% of the population. It is simply a gargantuan lie to try to argue that the laws of economics – that when you tax something you invariably get LESS of it – is true for 98% but is a lie for 100%.

Yes, it is a fact of history that the Republican Party under George W. Bush saved America with the tax cuts that helped the middle class grow more and spend more. And it is now a fact of history that Democrats are now implicitly saying that the Clinton tax rates were 98% evil and counterproductive to a growing economy. Democrats were completely wrong about their high tax rates; but Democrats are liars who won’t EVER admit they were wrong. Instead they merely continually shift their demonization and demagoguery to a different target without ever admitting that it was only a relative few years ago that Democrats were attacking the middle class with high taxes that are suddenly now universally recognized as evil.

Isn’t it amazing how Obama, the Democrats and the mainstream media propaganda actually just claimed credit for 98% of the Bush tax cuts while still blaming Republicans as evil for creating the very thing that Democrats are on record as now being 98% for? How does this kind of falsehood pass for truth???

And keep in mind that Bill Clinton – who largely presided over a good economy with the help of Republicans who controlled both the House and the Senate – said “the era of big government is over.” Obama reversed that and now America will pay dearly for it.

It is a fact of history that Democrats are now demanding that we keep 98% of Bush’s tax cuts while simultaneously taking credit for them. While amazingly still saying that the Bush tax cuts – which they now say were 98% good – are still evil.

History is now replete, full, satiated, gluttonously gorged with examples of Democrats’ stupid tax claims doing the very opposite of what they claimed it would do. The most infamous example is the luxury tax or so-called “yacht tax” on the rich. Democrats assured Americans that the rich could certainly pay a little more (there’s a line that stupid people keep arguing, isn’t it?) to own luxury items. Democrats saw the government getting more and the rich paying “more of their fair share” (there’s another stupid line of demagoguery for you). What in FACT happened was that it turned out that, guess what, rich people AVOID TAXES just like everybody else tends to do.

The nation’s luxury-boat builders, many clinging to their businesses after two years of plunging sales, finally got some good news last week.

President Bush, in his budget proposals, asked Congress to repeal the 10 percent luxury tax on yachts priced at more than $100,000 (and also on private planes that cost more than $250,000). The repeal, which Congress is likely to approve, would be retroactive to Feb. 1.

Since the tax took effect in January 1990, hundreds of builders of large and small boats have spoken of it as a stake driven into the heart of an industry already suffering from the recession, tighter bank rules on financing and fallout from the gulf war.

In the last two years, about 100 builders of luxury boats — recreational craft costing more than $100,000 — cut their operations severely and laid off thousands of workers. Some builders filed for protection from creditors under Chapter 11 of the Federal Bankruptcy Code.

Now, sales personnel and owners of marine companies are hoping they will be swamped by buyers who have held off in the expectation that the tax will be repealed.

The 10 percent tax applies to the amount of the cost above $100,000, so that a boat selling for $300,000 carries a $20,000 luxury tax. That tax is in addition to any state and local taxes. […]

Also, boat prices have dropped as much as 40 to 50 percent, interest rates have fallen and some lenders have begun to offer financing, though on very strict terms.

“The luxury tax really hurt us,” said William J. Healey, the president of the Viking Yacht Company in New Gretna, N.J.

He gestured toward a few big luxury boats being built there. A 50-foot boat costing $800,000 is bound for Italy; a $1 million yacht may be sold in Japan. A 65-foot motor yacht costing $1.3 million is bound for Greece.

The business from overseas, developed in the last two years, is enabling Viking to limp along, its work force cut to 150 workers from 800. “Very fortunately, it has helped us weather the downturn,” Mr. Healey said as he pointed to two production lines that have been inactive for several years.

Domestic demand fell so sharply that a year ago Viking shut an operation in Tampa, Fla., that employed 800 workers. The plant was built in the boom of the 1980’s, when most boat makers could not keep up with demand.

Yeah, that’s right, stupid liberal. Raising taxes on the rich a few percent won’t hurt anybody. They can afford it.

And if you’re either stupid or demon-possessed, you still believe that damn Marxist class warfare lie. But people who prefer the truth and have a clue about something called “history” sure don’t.

There’s a second and even more harmful reason that Obama won’t raise more revenue as he falsely claims: because he’s going to be targeting and attacking the small businesses that create jobs. Yes, it’s true on one level that 97% of small businesses won’t see their taxes shoot up and force them to lay off workers and cut back to pay the dictator. But as is often true, another word for “lie” is “statistic.” Because here’s the thing: THAT THREE PERCENT OF THE BUSINESSES DO MOST OF THE ACTUAL HIRING.

Out of 27,281,452 total firms, 21,351,320 are listed as “nonemployer firms.” Which means that 78.23 percent of all small businesses hire ZERO employees. So when Obama says that 97% of small businesses won’t be affected by his tax hike, please understand that the whopping majority of those businesses that won’t be affected aren’t hiring anybody. Another 3,617,764 small businesses have no more than four employees. Those small businesses that hire zero workers plus those small businesses that hire no more than four workers constitute 91.5% of ALL small businesses.

Here’s a more relevant way to look at it. When you consider the businesses that employ more than four people, you are looking at businesses that hire 94.97 percent of ALL the workers who work for small businesses. And while not all of the small businesses that hire between 5-9 employees are going to be paying higher taxes as a result of Obama’s class warfare on small businesses, most of them do. And virtually none of the businesses that hire more than ten employees are going to earn less than $250,000 a year.

So, yeah, the kid who is an “independent contractor” working his paper route won’t be paying more taxes under Obama’s class warfare plan. That’s great. But the overwhelming majority of small businesses (defined as businesses employing 499 or fewer workers) are going to get the crap beat out of them.

So Obama and Democrats like to point out that 97% of small businesses won’t be affected by their tax hikes. But more than 78% of small businesses in his “97 percent” figure are “nonemployer firms” and hire ZERO workers. So no jobs. And when you look at the businesses that hire workers, you are looking overwhelmingly at the businesses that are going to be hit by these new tax hikes. That is simply a FACT. And it is simply a FACT that they are going to be forced to raise their prices to accommodate their rising costs of doing business, which will in turn reduce demand for their products or services, which will then in turn force them to lay off workers because of aforementioned reduced demand.

So what Obama and the Democrats just did is savagely attack the only people who have any chance at creating more job opportunities and bringing the US economy off its back and onto its feet again.

Keep in mind that in pimping his ObamaCare, Obama promised that premiums wouldn’t go up; he promised that if you like your doctor, you could keep your doctor; he promised that he wouldn’t tax the middle class. He lied about EVERYTHING. And he is lying to you now. Because he has over and over again demonstrated that he is a liar without shame, without honesty, without decency and without integrity.

But we’re just getting warmed up describing how truly godawful this “deal” is.

Obama – even on his regime’s own calculations – will only get 8 1/2 days of additional tax revenue by attacking the rich and sabotaging the US economy by hurting job creators. The problem when you consider Obama’s trillion-plus dollar deficits every single year of his entire presidency is that he refused to do a damn thing about the OTHER 356.5 days of the year.

Again, Barack Obama is a liar and a hypocrite without shame, without decency, without honor and without integrity. He is shameless. The Democrat Party is shameless. And the mainstream media which protects both with their propaganda machine are shameless.

The U.S. fiscal gap, calculated (by us) using theCongressional Budget Office’s realistic long-term budget forecast — the Alternative Fiscal Scenario — is now $222 trillion. Last year, it was $211 trillion. The $11 trillion difference — this year’s true federal deficit — is 10 times larger than the official deficit and roughly as large as the entire stock of official debt in public hands.

It’s funny, in a sad, pathetic, ironic sort of way: Democrats demonize Republicans for trying to protect America and her interests abroad with a strong national defense. But the only thing the Constitution specifically ordered the federal government to “provide for the common defense.” And note that word, “provide.” It means, “pay for to provide.” The same liberals who demonize us for doing what common sense and the Constitution alike command us to do point to the phrase “promote the general welfare.” Do you get that difference between “provide” and “promote.” If you ask me to provide something, I’m on the hook for it in a financial way. That’s what it means to be a provider. If you want me to promote something, I’m going to say nice things about it and cheerlead for it. But that’s all. And so like everything else, Democrats turned the Constitution, basic morality and true Christianity on its head and made what is wrong right and what is right wrong.

If liberals were actually to “promote the general welfare,” they would cheerlead the private economy and encourage growth by keeping taxes low for those who are willing to work hard so they can keep what they earn. And then, with the minimum size and minimum amount of regulation, they would get the hell out of the way.

What Democrats “promote” is the general cancer instead.

And that mindset became a rotting cancer that is just about to consume and kill the patient America.

This nation is doomed. And if you voted for Obama, you are one of the people who doomed it. We cannot possibly pay these debts that will ultimately bankrupt this country but only after our children and their children are forced to bear the burden and suffer because of your self-righteous and sanctimonious greed a.k.a. “your entitlement mindset.” And one day you will stand before a holy God and answer for the fact that you are a toxic human being whose soul swims in every kind of lie. Because that’s what Obama voters are: bad people who hate the truth and who prefer lies. Aside from your dishonesty, you are greedy and hypocritical – feeling yourself entitled to seize other people’s money when you would scream if your own money were taken from you. And aside from your dishonesty, greed and hypocrisy you are hurting the poor who ought to be helped. Because as I pointed out above – and thoroughly document with the article I linked you to stating it – when you seize the wealth of private citizens who overwhelmingly worked hard and then planned well and then worked hard some more to get that wealth, you end up hurting the very poor you falsely profess to be helping. Because you force businesses large and small alike to reduce their workers. You rob the poor of dignity by preventing them from being able to find jobs. And then you cynically exploit their desperation to get them to vote Democrat so they can be on welfare for life as long as they continue voting Democrat. Oh, you will one day be forced to give an account for all of it, rest assured. And you will be giving that account to a Someone who knows the truth from all of your lies and your slander.

In sixty days this “fiscal cliff deal” that the mainstream media is so damn giddy about will come boomaranging back in the form of a massive political crisis caused by Obama’s morally insane and fiscally evil out-of-control spending binge.

Republicans were maneuvered into an impossible rhetorical battle against a master demagogic rhetorician. They were demonized as “the party who was willing to force everybody’s taxes to go up over the wealthiest two percent of the country.” When how the hell were the Democrats not “the party who was willing to force everybody’s taxes to go up over the wealthiest two percent of the country”??? Weren’t Democrats threatening to go off the cliff unless they got to attack the top two percent of earners? How were they not doing the very thing they slandered the Republicans for doing???

This country is going to shut down in sixty days over that “spending issue” that Obama and the Democrats absolutely refused to deal with. Because this “deal” did nothing to slow down the debt, nothing to slow down Obama’s shocking deficits, nothing to avert a debt ceiling showdown and nothing to avert the REAL fiscal cliff of Obama’s sequestration plan.

The markets that stupidly surged today will just as stupidly collapse then. Because anybody who isn’t a fool should see this confrontation over insane and immoral debt coming.

Meanwhile, it is God damn America, full speed ahead to ruin. And then the Antichrist and the Tribulation will come.

Two years after economists say the Great Recession ended, the recovery has been the weakest and most lopsided of any since the 1930s.

After previous recessions, people in all income groups tended to benefit. This time, ordinary Americans are struggling with job insecurity, too much debt and pay raises that haven’t kept up with prices at the grocery store and gas station. The economy’s meager gains are going mostly to the wealthiest.

Workers’ wages and benefits make up 57.5 percent of the economy, an all-time low. Until the mid-2000s, that figure had been remarkably stable — about 64 percent through boom and bust alike.

[…]

But if the Great Recession is long gone from Wall Street and corporate boardrooms, it lingers on Main Street:

— Unemployment has never been so high — 9.1 percent — this long after any recession since World War II. At the same point after the previous three recessions, unemployment averaged just 6.8 percent.

— The average worker’s hourly wages, after accounting for inflation, were 1.6 percent lower in May than a year earlier. Rising gasoline and food prices have devoured any pay raises for most Americans.

— The jobs that are being created pay less than the ones that vanished in the recession. Higher-paying jobs in the private sector, the ones that pay roughly $19 to $31 an hour, made up 40 percent of the jobs lost from January 2008 to February 2010 but only 27 percent of the jobs created since then.

[…]

Hard times have made Americans more dependent than ever on social programs, which accounted for a record 18 percent of personal income in the last three months of 2010 before coming down a bit this year. Almost 45 million Americans are on food stamps, another record.

[…]

Because the labor market remains so weak, most workers can’t demand bigger raises or look for better jobs.

“In an economic cycle that is turning up, a labor market that is healthy and vibrant, you’d see a large number of people quitting their jobs,” says Gluskin Sheff economist Rosenberg. “They quit because the grass is greener somewhere else.”

Instead, workers are toughing it out, thankful they have jobs at all. Just 1.7 million workers have quit their job each month this year, down from 2.8 million a month in 2007.

The toll of all this shows in consumer confidence, a measure of how good people feel about the economy. According to the Conference Board’s index, it’s at 58.5. Healthy is more like 90. By this point after the past three recessions, it was an average of 87.

How gloomy are Americans? A USA Today/Gallup poll eight weeks ago found that 55 percent think the recession continues, even if the experts say it’s been over for two years. That includes the 29 percent who go even further — they say it feels more like a depression.

Allow me to start with the second paragraph in the story:

“Two years after economists say the Great Recession ended, the recovery has been the weakest and most lopsided of any since the 1930s.”

The weakest and most lopsided of any recovery since the 1930s, you say???

WHO WAS PRESIDENT IN THE 1930s? WHICH PARTY DOMINATED BOTH THE HOUSE AND THE SENATE IN THE 1930s?

And next let me ask you, “Are there any similarities between socialist Democrat Franklin Delano Roosevelt and socialist Democrat Barack Hussein Obama??? And the answer is, “HELL YES THERE ARE!!!”:

Which is to say, “This is the worst the U.S. economy has ever been since the LAST time we had a socialist just like FDR – and the mainstream media proudly hailed Obama as FDR and Obama’s as a NEW “New Deal.”

Two UCLA economists say they have figured out why the Great Depression dragged on for almost 15 years, and they blame a suspect previously thought to be beyond reproach: President Franklin D. Roosevelt. After scrutinizing Roosevelt’s record for four years, Harold L. Cole and Lee E. Ohanian conclude in a new study that New Deal policies signed into law 71 years ago thwarted economic recovery for seven long years.

”Why the Great Depression lasted so long has always been a great mystery, and because we never really knew the reason, we have always worried whether we would have another 10- to 15-year economic slump,” said Ohanian, vice chair of UCLA’s Department of Economics. ”We found that a relapse isn’t likely unless lawmakers gum up a recovery with ill-conceived stimulus policies.”

In an article in the August issue of the Journal of Political Economy, Ohanian and Cole blame specific anti-competition and pro-labor measures that Roosevelt promoted and signed into law June 16, 1933.

[…]

”The fact that the Depression dragged on for years convinced generations of economists and policy-makers that capitalism could not be trusted to recover from depressions and that significant government intervention was required to achieve good outcomes,” Cole said. ”Ironically, our work shows that the recovery would have been very rapid had the government not intervened.”

And of course all the “experts” the mainstream media love to trot out have all bought hook, line and sinker the notion that capitalism is something to be loathed and feared. So they demand that America pursue asinine government stimulus policies that fail even by the “experts'” own standards, and then these same “experts” proceed to argue that the economy failing to recover somehow is proof that more of the same thing that already failed is necessary.

These “experts” whom the mainstream media give a loud microphone to to espouse their socialist views are pathologically incapable of seeing this connection between socialist policies and an economy in the doldrums. Every bit of negative economic news is invariably “unexpected” (liberals favorite adjective to wave a hand at bad economic developments whenever a Democrat president is in charge), because these “experts” cannot separate the inevitable results of their ideology from their terribly failed ideology. There has to be a disconnect, or more commonly, a scapegoat.

I think of the Soviet Union, which literally blamed the total failure of their entire political philosophy and the ruinous policies that philosophy entailed by claiming that their agricultural output had been adversely affected due to 72 years of bad weather. And the Soviet Union has gone the way of the Dodo bird for that very reason.

Is America under Obama the next Dodo bird to fall apart while we’re assured that everything is fine while some suitable scapegoat bears the blame for every failure that can’t be ignored???

It couldn’t be the fact that socialism is nothing more than state-planned economic failure. It had to be something else, ANYTHING else.

The Big Brother from the novel 1984 had Emmanuel Goldstein. The Big Brother who is now occupying our White House has George W. Bush.

The next obvious question to ask and answer is, “Why are the wealthy benefitting while the workers struggle?”

The answer is twofold: 1) because when you attack the employers, the first thing to go is the employees and 2) because that’s exactly how crony capitalism works.

There is a magnificent book entitled, New Deal Or Raw Deal? How FDR’s Economic Legacy Has Damaged America, which should be required reading. Burton Folsom Jr. points out that when FDR structured his many policies and regulations that strangled economic growth, he did so in such a way that favored the big crony capitalist corporations at the expense of the smaller businesses that could no longer compete given the costly regulatory requirements. The smaller businesses were forced out of the market while the big businesses protected themselves with insider deals based on access to and influence with the government that only they could afford. And there is no question whatsoever that – even as FDR employed the class warfare of socialism – the rich got richer while the poor got poorer. Income tax revenues plunged as the wealthy sheltered their wealth from the high tax rates and the poor paid an increasingly high overall percentage of tax revenues via excise taxes. Regulations mandating higher pay for workers priced those workers right out of their jobs. Folsom provides the official data to back it up.

In 1929, prior to FDR demonizing the rich, income taxes accounted for 38% of total revenue collected, and corporate income taxes accounted for 43%. Excise taxes which burdened the poor only counted for 19% of revenues. By 1938, the rich and the corporations had protected themselves from FDR’s demagogic tax policies (but the poor couldn’t), such that the only 24% was collected in income taxes (versus 38%) and only 29% from corporate income taxes (versus 43%). Meanwhile the poor-punishing excise taxes (e.g. gasoline tax) soared from 19% to 47% of the total taxes collected. Meanwhile, when income taxes were kept low, the wealthy invariably paid FAR MORE in the total tax revenue as they put their money out to invest in and expand the economy in pursuit of the profits. And they created millions of jobs in doing so.

And the exact same mindset is yielding the exact same results ALL OVER AGAIN. Obama has put the fear of God (actually the fear of the Soviet-style STATE) into the wealthy and the corporations. They keep hearing Obama demagogue them, and they keep sheltering their money. And they will CONTINUE to keep doing that until the threat of Obama is gone. Just like they did with FDR.

That said, there is also a deliberate and fundamental misunderstanding of fascism by the left. If you read leftists, you come away thinking that somehow “fascism” is the takeover of a state by corporations. But stop and think: Hitler, Himmler, Eichmann, Hess and all the other key Nazis WEREN’T corporate CEOs who took over the state; THEY WERE SOCIALIST POLITICIANS WHO TOOK OVER THE CORPORATIONS. They usurped the corporations and FORCED them to perform THEIR agenda. They either performed the Nazis’ will or they were simply taken away from their rightful owners and nationalized.

And to the degree that German crony capitalist corporations helped Hitler in his rise to power, THEY WERE JUST MORE USEFUL IDIOTS.

The same sort of takeover of German corporations by socialists is building in America. Take Maxine Waters, a liberal Democrat, as the perfect example. What did she say of the oil companies?

“This liberal will be all about socializing … uh uh … would be about … basically … taking over … and the government running all of your companies.”

THAT’S what Hitler did, too. Hitler got this power through regulations that required corporations to do his bidding, just like Obama has now REPEATEDLY done.

I stand by that sweeping statement. People need to realize that “Nazi” stood for “National SOCIALIST German Workers Party,” and that both Nazi socialism and Soviet socialism were big government socialist tyrannies that failed their people. As to our own experiment with socialism here in the USA, I point out in an article that explains how “Government Sponsored Enterprises” Fannie Mae and Freddie Mac policies led us into economic implosion in spite of warnings for YEARS prior to the 2008 economic collapse:

Fannie Mae and Freddie Mac are so big — they own or guarantee roughly half of the nation’s $12 trillion mortgage market — that the thought that they might falter once seemed unimaginable. But now a trickle of worries about the companies, which has been slowly building for years, has suddenly become a torrent.

And it was FANNIE and FREDDIE that collapsed FIRST before ANY of the private investment banks, which collapsed as a result of having purchased the very mortgaged backed securities that the Government Sponsored Enterprises SOLD THEM. It wasn’t until Fannie and Freddie collapsed that investors began to look with horror at all the junk that these GSE boondoggles had been pimping.

The man who predicted the collapse in 1999 wrote a follow-up article titled, “Blame Fannie Mae and Congress For the Credit Mess.” It really should have read, “Blame DEMOCRATS.” Because they were crawling all over these GSEs that they had themselves created like the cockroaches they are. But Wallison is nonpartisan

Through the 12 months ended in March of last year, 505,473 new businesses started up in the U.S., according to the latest data available from the Bureau of Labor Statistics. That’s the weakest growth since the bureau started tracking the data in the early 1990s. It’s down sharply from the record 667,341 new businesses added in the 12 months that ended in March 2006.

Many times large corporations will even lobby for more regulations for their own industry because they know that they can handle all of the rules and paperwork far easier than their smaller competitors can. After all, a large corporation with an accounting department can easily handle filling out a few thousand more forms, but for a small business with only a handful of employees that kind of paperwork is a major logistical nightmare.

When it comes to hiring new employees, the federal government has made the process so complicated and so expensive for small businesses that it is hardly worth it anymore. Things have gotten so bad that more small businesses than ever are only hiring part-time workers or independent contractors.

So what we actually have now is a situation where small businesses have lots of incentives not to hire more workers, and if they really do need some extra help the rules make it much more profitable to do whatever you can to keep from bringing people on as full-time employees.

And who do all these rules and regulations hurt the most but the very people Democrats cynically and deceitfully claim they are trying to help? Meanwhile, who does it help the most but the crony capitalist corporations who DON’T do most of the hiring in America who can profit from Obama’s war on business that results in the destruction of their small business competition.

A Slowdown for Small Businesses
By CATHERINE RAMPELL
Published: June 14, 2011

In the latest sign that the economic recovery may have lost whatever modest oomph it had, more small businesses say that they are planning to shrink their payrolls than say they want to expand them.

That is according to a new report released Tuesday by the National Federation of Independent Business, a trade group that regularly surveys its membership of small businesses across America.

The federation’s report for May showed the worst hiring prospects in eight months. The finding provides a glimpse into the pessimism of the nation’s small firms as they put together their budgets for the coming season, and depicts a more gloomy outlook than other recent (if equally lackluster) economic indicators because this one is forward-looking.

While big companies are buoyed by record profits, many small businesses, which employ half of the country’s private sector workers, are still struggling to break even. And if the nation’s small companies plan to further delay hiring — or, worse, return to laying off workers, as they now hint they might — there is little hope that the nation’s 14 million idle workers will find gainful employment soon.

“Never in the 37-year history of our company have we seen anything at all like this,” said Frank W. Goodnight, president of Diversified Graphics, a publishing company in Salisbury, N.C. He says there is “no chance” he will hire more workers in the months ahead.

“We’re being squeezed on all sides,” he says.

So let me ask again the question that the Los Angeles Times phrased: “Why are the wealthy benefitting from the ‘recovery’ as workers struggle?

And the answer is simple: because Barack Obama and the Democrat Party are socialist who have destroyed the engine that creates the jobs that workers depend upon to flourish.

An interesting fact is that businesses are now forced to spend $1.7 TRILLION a year in regulatory compliance costs. That is a massive hidden tax on their viability; it exceeds the overt income taxes businesses have to pay, and it most certainly exceeds their profits. And right now Obama is attacking them via the Dodd-Frank regulatory legislation, via the EPA, via OSHA, via ObamaCare and via the ridiculous actions of the NLRB in addition to their tax burden. Just to name a few. The result is businesses terrified to expand and further place their necks under Obama’s axe blade.

Meanwhile, Obama’s socialist policies have not only devastated the worker by destroying his jobs, but they’ve ruined America on numerous other levels, too. Take the housing crisis – which was THE cause of the economic implosion of 2008. Did Obama make it better? Well, here’s a headline for you from CNBC: “US Housing Crisis Is Now Worse Than Great Depression.” Which is to say that Democrats – who first created the housing crisis by refusing to allow the regulation of their pet socialist wealth redistribution agencies Fannie Mae and Freddie Mac – took something awful and turned it into an American Dream-massacring nightmare.

The latest job figures simply further document my point: Obama is destroying America job by job. Not only did the unemployment rate go up to 9.2% (Obama promised the American people that the unemployment rate would be 7.1% by now if he got his massive government-spending stimulus); not only were the previous two month figures adjusted DOWNWARD by some 45,000 jobs; not only have a third of the unemployed been unemployed for at least a YEAR with fully half of the unemployed having been unemployed for over six months (which is unprecedented); not only did the economy create an incredibly dismal 18,000 jobs (versus the 100,000 the economists naively expected); but a quarter million more people simply walked away from the workforce entirely – abandoning any hope that Obama will do anything more than crush their hopes of finding a job.